Item - 2026.IB16.4

The Toronto Investment Board:

1. Directed that the confidential information contained in Confidential Attachments 1, 2 and 3 to the report (May 28, 2026) from the Interim Director, Capital Markets and Treasury remain confidential in their entirety, as they contain information that involves the security of property belonging to the City or one of its agencies or corporations.

Flaminio Carelli, Interim Director, Capital Markets and Treasury gave a verbal update on Investment Manager and Other Updates.

The Toronto Investment Board recessed its public session to meet in closed session to consider this item as it relates to the security of property belonging to the City or one of its agencies or corporations.

This report provides the Toronto Investment Board (Board) with updates regarding investment manager related activities, including Real Asset fund expenses, Environmental, Social and Governance (ESG) reporting services, the transition to a new Multifactor Index investment manager and the most recent fund balances and asset mix information.

Confidential Attachments 1 and 2 provide the Total Expense Ratio (TER) fee breakdowns for the CBRE Global Alpha Fund and UBS Global Real Estate Fund, respectively.

Confidential Attachment 3 provides the fee schedule associated with the MSCI ESG Research LLC agreement for ESG reporting and analytics services.

The report also provides an update regarding the transition to the new Multifactor Index investment manager, including ongoing legal and onboarding activities.

In addition, the report includes the current funding status and asset mix for the Long-Term Fund and Sinking Fund as at April 30, 2026 (Attachment 4).